New Hope (NHC) Q2 2025 TU earnings summary

Executive summary

• Achieved a 15% reduction in 12-month moving average TRIFR, reaching 4.4 at quarter-end; AIFR also declined.

• Group ROM coal production rose 5% sequentially to 4.2 million tons; first half FY25 saleable coal production reached 5.4Mt, up 32.9% year-over-year.

• OCAA withdrew its legal challenge, ending an 18-year approval process for New Acland Stage 3, providing operational certainty.

• Increased equity interest in Malabar Resources to just under 23%.

Financial highlights

• Underlying EBITDA for the quarter was AUD 213 million ($212.7 million), with first half underlying EBITDA at AUD 517 million ($517.3 million), up 21.8% year-over-year.

• Cash flows from operations totaled AUD 317 million ($316.9 million) for the half, a significant year-over-year improvement.

• Average realized price was AUD 176/tonne ($176.4/t) for the half, 10% lower year-over-year.

• Bengalla FOB cash cost was AUD 68/tonne ($68.3/t), down 16% year-over-year.

• Available cash balance as of 31 January 2025 was $805.1 million, including $414.0 million in cash and $391.1 million in fixed income investments.

Outlook and guidance

• Guidance for FY25 remains unchanged: targets 10.8–11.9Mt saleable coal production and 10.7–11.8Mt coal sales, both up over 25% from FY24.

• Production base expected to increase, with a focus on maintaining low-cost advantage.

• New Acland Mine expected to ramp up to ~5Mtpa by developing Manning Vale West, with mining to commence in early 2026 and steady-state production expected in FY 2027.

• Bengalla Mine FY25 FOB cash cost guidance (ex-royalty) is $71–$79 per sales tonne.